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What's draining the juice out of electric two-wheeler makers' battery
Sales of e2Ws plummet due to policy inconsistencies, supply chain issues with Chinese suppliers, and expectations for FAME III rollout, impacting top manufacturers like Hero Electric, Okinawa, and Ampere.
Why new-age EV manufacturers are picking nimble neighbouring states over Karnataka
Karnataka has excellent facilities, but states like TN are more proactive, say industry executives; for some firms, market proximity is key reason to set up facility.
Karnataka Industries Minister Patil blames Bommai govt for losing Ather EV project to Maharashtra
Bellad emphasizes the necessity of a leadership change to restore Karnataka's reputation as an investment-friendly state, calling for a shift towards concrete actions and results to attract investments.
Ather Energy’s new plant to come up in Maharashtra, confirms cofounder Swapnil Jain on X
To be set up at an investment of Rs 2,000 crore, the electric scooter maker’s new plant will produce up to one million vehicles and battery packs per year.
Ather Energy converts to public limited company on road to IPO
Ather's board greenlit the change at its annual general meeting (AGM) last week, and the EV scooter maker will change its name to Ather Energy Limited, from Ather Energy Private Limited earlier, sources told ET. Ather plans to raise $75-90 million (about Rs 750 crore) in primary funding from new and existing investors, ET had reported on April 23.
Indian electric two-wheelers better than global counterparts, says Ather Energy cofounder
Swapnil Jain, cofounder of Ather Energy, highlighted India's potential to emerge as a global leader in EV technology and design, attributing this progress to the government's 'Made in India' initiative. Jain also expressed optimism about future EV sales. Union Minister of Road Transport and Highways, Nitin Gadkari, was also present at the event.
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Zepto’s mega fundraise; Oyo funding gets shareholder nod
Quick commerce company Zepto has raised $665 million from new and existing investors. This and more on today’s ETtech Top 5.
Sachin Bansal exits Ather Energy selling remaining stake to Hero MotoCorp, Nikhil Kamath
Hero MotoCorp bought this stake at an inferred valuation of Rs 5,636 crore. This is a premium to the Rs 4,666-crore valuation at which the company had invested Rs 140 crore in Ather in December 2023.
HSBC cuts Elastic Run valuation; Hero MotoCorp doubles down on Ather
HSBC has cut its valuation estimate for B2B ecommerce firm Elastic Run by nearly half, bringing it under $1 billion. More on this in today’s ETtech Top 5.
Hero MotoCorp invests Rs 124 crore into Ather Energy, valuation up 20% at Rs 5,636 core
Hero MotoCorp, which was already the largest shareholder in Ather Energy, now holds over 40% of the firm’s total shareholding. The investment comes just a week after the company raised Rs 286 crore ($34 million) from its founders and Stride Ventures in a mix of debt and equity funding.
Hero MotoCorp invests Rs 124 crore into Ather Energy, valuation up 20% at Rs 5,636 core
Hero MotoCorp has invested Rs 124 crore into Ather Energy, a significant electric scooter manufacturer, increasing its share by 2.2% and solidifying its position as the largest shareholder. This investment, made at an inferred valuation of Rs 5,636 crore, underscores Hero's commitment to the electric vehicle market.
Hero MotoCorp raises 2.2% stake in Ather Energy for about Rs 124 cr
Last year too, Hero had hiked about 3% stake in Ather Energy for about Rs 340 crore. The latter has raised Rs 286 crore from its founders and Stride Ventures in a mix of debt and equity funding. Ather Energy counts the likes of Tiger Global and Singaporean Sovereign Wealth Fund GIC among its investors
Ola Electric eyes leaner road to profitability, to cut 400-500 roles
Ola Electric, eyeing an IPO, is reportedly trimming its workforce by 400-500 employees to streamline operations. This number may change as the senior leadership is still concluding the scale of the layoffs. They are expected to hit multiple verticals, sources told ET.
Ather Energy raises Rs 286 crore from founders and Stride Ventures
Ather Energy raised Rs 286 crore from founders and Stride Ventures through a mix of debt and equity funding, including series F and series C3 investments.
Hero MotoCorp plans to expand electric model range to increase customer base
Hero MotoCorp expands its electric two-wheeler segment presence with new models and plans for significant growth. The company aims to enter European and UK markets, launch new scooters, and accelerate growth for FY25 and beyond.
Hero MotoCorp, India's top two-wheeler maker, has a three-pronged strategy for the EV sector
Hero MotoCorp, led by CEO Niranjan Gupta, aims to boost EV sales with strategic acquisitions. Gupta, with a 30% stake in Ather Energy, plans to expand the VIDA portfolio with affordable variants and enhance the charging infrastructure network.
Electric bike sales decline 50% in April amid subsidy changes
Electric two-wheeler sales in April dropped by 50% due to subsidy changes. Ola Electric led with 33,000 units sold out of the 64,000 total EV scooter sales. Companies like Bajaj, TVS Motors, and Ather Energy also felt the impact.
Combating OTP frauds; Ather’s new funding round
Happy Tuesday! The government is working with SBI Card and telecom companies to tackle the menace of OTP-based online payment frauds. More on this in today’s ETtech Morning Dispatch.
Ather eyes new round, Nikhil Kamath buys big part of Sachin Bansal’s holding
Sources told ET Ather Energy is also in the final stages of plans to raise $75-90 million (about Rs 750 crore) in primary funding from existing investors. This underscores increasing investor interest in the company and the mobility segment. The company is also approaching new investors.
Small towns make it big for Ather’s electric two-wheeler sales
Started in 2013, Ather Energy, the fourth largest electric two-wheeler maker, has sold 2.3 lakh units cumulatively. The company sold more e-scooters in Tier 2 and 3 cities than in the metros and Tier 1 cities put together.
Ather Rizta price starts from just Rs 97,546 in Delhi: Check city-wise costs
Ather's Rizta family model offers various battery options and models with different prices across Indian cities. The scooters boast impressive features like riding modes, ample storage, and safety elements, along with the introduction of the Halo helmets.
Ather Rizta launched at Rs 1.09 lakh. Here's what's special about this family scooter
Ather Energy introduces the Rizta family scooter with advanced features and accessories, targeting Indian families. The Rizta aims to redefine the family scooter segment through innovation, safety, and cutting-edge technology, setting new industry standards.
Ather Energy launches family scooter Rizta
The scooters, priced starting at Rs 1.09 lakh, will be available in two models called the Rizta S and the Rizta Z. The vehicles will have a battery capacity of 2.9 kWH (kilowatt hours), with the most expensive variant of the Rizta Z coming with a 3.7 kWH battery.
Green light for EV cos to claim subsidy under new scheme
Hero MotoCorp, Bajaj Auto, TVS, Ather Energy, Ola Electric Mobility, and Kinetic Green have been approved to sell two-wheelers and claim subsidies under the Electric Mobility Promotion Scheme (EMPS), 2024. The scheme, which aims to support 372,000 electric vehicles, is a fund-limited initiative from April 1 to July 31, 2024.
Ather Rizta pictures surfaces on the internet ahead of launch
Pictures of Ather Rizta have surfaced on Twitter, showing a big seat and touchscreen. Ather is set to launch the scooter on April 6.
Ather Rizta pre-bookings open ahead of its launch on April 6
Ather Energy's Rizta electric scooter, available for prebooking at Rs 999, emphasizes comfort and practicality. With a larger seat, under-seat storage, and advanced features, Rizta targets the Indian market for a user-friendly experience.
Ather eyes larger pan-India presence with new family scooter
With Rizta, the electric scooter maker is hopeful of targeting a larger buyer base and growing its market share in the northern and western regions. Ather is also confident that its efforts in value engineering have done the trick in the overall cost management efforts.
Ather announces new exchange scheme for old scooters. Here are details
Ather Energy introduces a new exchange program for select scooter owners, offering upgrades to the 450X or 450 Apex models. Valid until March and April, the program requires owners to complete the transaction, including handing over their old scooter, on the same day at the Ather Space Experience Center. The anticipated Rizta e-scooter is set to debut on April 6, showcasing innovative features.
Ather's Rizta family scooter coming this April 6: Here's what we know so far
Ather Energy will unveil the Rizta, their first family scooter, on April 6th. It will have a larger seat, ample storage, a digital instrument panel, and various ride modes for a convenient and user-friendly riding experience.
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